Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on EURONEXT NV. We currently have 9 research reports from 1 professional analysts.
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03 Jan 17
Euronext announced this morning it had made an irrevocable cash offer to acquire the French central counterparty clearing house (CCP) LCH.Clearnet SA, the French arm of the LCH.Clearnet Group, 57% of which is currently owned by the London Stock Exchange Group (LSEG) while the other 43% is owned by a group of banks. Euronext will eventually acquire 100% of the French CCP. Based on this and the current price of €510m (versus €600-650m estimated previously), the deal is double-digit accretive. Euronext will incur about €40m in restructuring charges for cost synergies amounting to €13m which are to be fully-delivered by 2022.
LCH.Clearnet SA: beyond a plain leverage and costs story...
21 Dec 16
Euronext is in exclusive talks with the London Stock exchange group (LSEG) for the purchase of the central counterparty clearing house (CCP) LCH.Clearnet SA, a subsidiary of LCH.Clearnet Group. The sales of the French entity had already been announced in the frame of the LSEG/DB merger as a way to alleviate fears regarding competition issues in the post-trading activities. The operation is therefore entirely dependent on the LSEG/DB merger. NASDAQ and CME were also interested in CCP. But with Euronext being one of LCH.Clearnet SA’s main source of revenues, this put both NASDAQ and CME at risk of losing this source of revenues. We expect the deal to be entirely financed with cash (through the issue of debt).
It's all good!
28 Jul 16
Euronext released this morning its earnings for Q2 16. EBITDA was 15% higher than expected driven by both higher revenues and lower costs than expected by the consensus (and our own expectations). The EBITDA margin for Q2 16 is therefore 5.5% higher than the company-compiled consensus of 58.7%.
Earnings totally in line with expectations
12 May 16
Euronext released its Q1 16 earnings this morning. Revenues and clean expenses are in line with expectations leading to a 54.5% EBITDA margin. Euronext will hold its first Investor Day “Agility for growth” tomorrow. We hope for new catalysts especially on the capital side (more dividends or a coherent M&A strategy).
More clarity required
11 May 16
This morning Euronext announced it had reached an agreement with the Dutch Ministry of Finance on Euronext’s prudent requirements. At first glance this looks rather positive for Euronext, as a long-term positive tangible equity is required. We need however more clarity regarding the different constraints imposed when tangible equity is negative. Fortunately, Euronext will release its Q1 16 earnings tomorrow and will host its first investor day on Friday.
Can't wait for the new strategic plan!
17 Feb 16
Euronext's earnings release was in line with expectations. With €518.5m revenues and costs of €234.7m, the EBITDA margin is 54.7%, roughly in line with both our expectations and those of the consensus (at 55%). The dividend was slightly above consensus at €1.24 per share (versus €1.21 ps). A new srategic plan is expected during Q2 16 with objectives regarding growth and the cost base, We also expect more clarification on the regulatory side concerning both the Dutch appeal and Euronext's need to retain some cash to comply with requirements.
Making Mobiles Better
17 Jan 17
Mobile phones are increasingly the key connection for the modern world. This means that the performance of mobile phones, and their networks, is going to become more critical for all the apps and businesses that rely on them. New technologies such as VR, AR, and AV will need better, more reliable connections to really move into the mainstream. In this thematic piece we attempt to identify some of the most important issues facing mobile phone networks and their users, and start to identify solutions and enablers that will solve these problems and create value by doing so.
N+1 Singer - Morning Song 19-01-2017
19 Jan 17
ACTUAL EXPERIENCE PLC (ACT LN) | BAGIR GRP LTD (BAGR LN) | BIOQUELL (BQE LN) | BROWN(N.)GROUP (BWNG LN) | CARADOR INCOME FUND PLC (CIFU LN) | HALFORDS GROUP (HFD LN) | NCC GROUP (NCC LN) | ST IVES PLC (SIV LN) | SUMMIT THERAPEUTICS PLC (SUMM LN) | WILMINGTON PLC (WIL LN)
Small Cap Breakfast
19 Jan 17
SuperAwesome — The London based specialist in e-compliance is considering an IPO in its home town according to City A.M. Eco (Atlantic) Oil & Gas—TSX-V listed oil and gas exploration has announced its intention to float on AIM. Assets in Guyana and Namibia. Proposed £2m-£3m fundraise. Diversified Gas & Oil—According to LSE website first day of trading on AIM now expected for 30 January
N+1 Singer - Best Ideas 2017 - Top picks
04 Jan 17
Today we publish our Best Ideas for 2017 - 12 stocks that we believe have excellent prospects in the current year together with a detailed discussion of what we see as the key sector and market themes for 2017. Our top picks are Cineworld, Elementis, Herald Investment Trust, Hill & Smith, IQE, MySale, Redde, ReNeuron, RhythmOne, SDL, Servelec and Severfield.
N+1 Singer - Harwood Wealth - FY16 EBITDA 11% ahead, positive strategic progress
24 Jan 17
Harwood Wealth (“HW”) has delivered final results which showed EBITDA 11% ahead of our forecasts and successful execution of the consolidation strategy with 17 acquisitions in FY16 using IPO proceeds. The board has declared a maiden final dividend of 2p (payable in May) from cash generation. £10.5m net cash leaves the business well positioned to continue to pursue acquisition opportunities. Based on previous multiples paid, we estimate HW has cash resources to materially increase EBITDA complemented by organic growth. HW reports a positive start to FY17e.
N+1 Singer - Northern lights - Shining prospects for 2017
16 Jan 17
As the birthplace of Stephenson, Armstrong and Swan, the North East of England has a proud history of industrial and technological innovation. Despite local economic challenges, the region’s industrial heritage lives on through continuing success in high end engineering and technology. The recent takeovers of private equity backed SMD (subsea robotics) and Nomad Digital (wi-fi on the railways) are testament to this. The North East has also emerged as a leader in genetics and genomics with an enviable life sciences and healthcare infrastructure. Against this backdrop, we expect the region to continue to throw up attractive IPO candidates to build on the six new listings in the past three years. We expect 2017 to be far kinder to the existing portfolio of North East plcs than 2016 (a year to forget) with recent management changes one important theme for the new year. Our top picks are Hargreaves Services, Quantum Pharma and Zytronic (all N+1 Singer Corporate clients) and we are Buyers of Northgate and Grainger.